|
Data on job openings and factory orders will be in focus after
the market opens, a day after a report showing
weaker-than-expected manufacturing activity raised investor
hopes that rising rates were taming demand for goods, helping
the main indexes stage a strong rebound.
However, Federal Reserve Bank of New York President John
Williams argued on Monday that while there have been nascent
signs of cooling inflation, underlying price pressures remain
too high, which means the U.S. central bank must press forward.
The rebound in stocks on the first trading day of the final
quarter follows the S&P 500's lowest close in nearly two years
on Friday that capped its worst monthly performance since March
2020 on fears the Fed's aggressive rate hikes will cause an
economic downturn.
At 4:39 a.m. ET, Dow e-minis were up 367 points, or 1.24%, S&P
500 e-minis were up 54 points, or 1.46%, and Nasdaq 100 e-minis
were up 203 points, or 1.8%.
Yield on the 10-year U.S. Treasury slipped to near two-week
lows, lifting rate-sensitive growth stocks. Apple Inc, Microsoft
Corp, Alphabet Inc and Nvidia Corp rose between 1.5% and 2.5%.
Rivian Automotive Inc jumped 7.2% after the electric vehicle
maker said it produced 7,363 vehicles in the third quarter, 67%
higher than the preceding quarter, and maintained its full-year
target of 25,000.
Tesla Inc bounced back 3.1% from its steepest selloff in four
months in the previous session that was triggered by
disappointing quarterly vehicle deliveries.
(Reporting by Medha Singh in Bengaluru; Editing by Anil D'Silva)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
